Details for the approved form and license record

Section 15-55 of the Cannabis Regulation and Tax Act permits a Department-approved $50,000 escrow or surety account, or a $50,000 surety bond. For the bond route, the business name and registration number must correspond exactly with Department records, the form must be approved, and a copy must be received within ninety days after the effective date. Follow the actual financial-assurance path rather than assuming an application payment completes it.

The published adult-use bond covers timely dispensary construction, an uninterrupted supply of cannabis, renewal fees, accurate records, required reports, State taxes and conformity with the Act and rules. It is not a general guarantee to individual customers or a substitute for every cannabis-business account's separate security.

The model is continuous and requires certified-mail cancellation notice to both the Division and principal at least thirty days before the stated termination date. Discharge concerns acts or omissions after termination; earlier liabilities are not automatically erased. The statute warns that failure to file replacement security by cancellation can lead to permanent revocation. Keep replacement and receipt records.

Use the Department's currently accepted license period and form instructions. The published model retains a 2021 initial-license date example, which should not be treated as your present effective date. Its terms may not be amended without the Division's prior written consent, and its aggregate amount does not replenish merely because the license is renewed.